NCP approves sale of Egbin to KEPCO

The National Council on Privatisation(NCP) has approved the sale of 70 per cent Federal Government’s shares in Egbin Power Plant to KEPCO Energy Resource at the cost of $407.3million, the Bureau of Public Enterprises (BPE), has said.

In a release contained in its- bulletin- Info Privatisation, the BPE asked the firm to pay 51 per cent of the plant’s share currently valued at $670million.

BPE added that the approval was one of the decisions that the NCP reached during its second meeting in Abuja, this year.

The Council has directed that the BPE reserves 10 per cent of the plant’s shares ( equivalent of 30 per cent) should be sold to the public through Initial Public Offer (IPO) at a later date.

The NCP explained that the privatisation of Egbin Power Plc was earlier concluded with KEPCO Energy Resources for the sale of 51 per cent shares via a willing-buyer , willing seller transaction on May 17, 2007 at a price of $280million.

The bulletin also revealed that the NCP has approved the Supplementary Lease Agreement between ENL Consortium, Nigerian Ports Authority (NPA) and BPE , which gives effect to the extension of the concession of Terminals C and D in Apapa Port to ENL.